COT: Silver Shorts Cover, Gold Specs Add:

New York (July 3) Large Silver Speculators: the volumes are light, but the ratio is worth mentioning. Those covering shorts accounted for 2805 contracts while those getting long were a mere 835. This obviously smacks of short-covering rally. More so because it happened on the heels of the Brexit vote, and after Gold rallied. Almost like some fund had bigger things to worry about. And then after that, took care of their Silver exposure.

Small Specs: accounted for 1759 lots of short covering, while adding no longs.